With the failure of economics to predict the recent economic crisis, the image of economics as a rigorous mathematical science has been subjected to increasing interrogation. One explanation for this failure is that the subject took a wrong turn in its historical trajectory, becoming too mathematical. Using the philosophy of mathematics, this unique book re-examines this trajectory.
Philosophy of Mathematics and Economics re-analyses the divergent rationales for mathematical economics by some of its principal architects. Yet, it is not limited to simply enhancing our understanding of how economics became an applied mathematical science. The authors also critically evaluate developments in the philosophy of mathematics to expose the inadequacy of aspects of mainstream mathematical economics, as well as exploiting the same philosophy to suggest alternative ways of rigorously formulating economic theory for our digital age. This book represents an innovative attempt to more fully understand the complexity of the interaction between developments in the philosophy of mathematics and the process of formalisation in economics.
Assuming no expert knowledge in the philosophy of mathematics, this work is relevant to historians of economic thought and professional philosophers of economics. In addition, it will be of great interest to those who wish to deepen their appreciation of the economic contours of contemporary society. It is also hoped that mathematical economists will find this work informative and engaging.
Introduction 1. Formalism in a new light: the Walras-Poincare Correspondence 2. The Neo-Walrasian Programme: Mathematics or Science? 3. Axiomatization in Economics: Conflicting Perspectives 4. The Constructivist Philosophy of Mathematics: Challenges to Orthodox Economic Theorizing? 5. Kaldor and the Critique of Equilibrium 6. Post-Keynesian Economics and Conventions: The Poincare Challenge to Current Analyses 7. Economic Methodology, Philosophy of Science and Philosophy of Mathematics: A New Synthesis? Appendix: Poincare's Philosophy of Mathematics: An Overview
Series: Routledge INEM Advances in Economic Methodology
Number Of Pages: 242
Published: 13th March 2018
Publisher: Taylor & Francis Ltd
Country of Publication: GB
Dimensions (cm): 23.5 x 15.9
Weight (kg): 0.63
Edition Number: 1